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Slow Your Roll, Wall Street: Monday’s IP Market Recap

Improved manufacturing reading not enough to pull stocks up

   

IPMarketRecap Slow Your Roll, Wall Street: Monday's IP Market Recap After cruising to record highs Friday, perhaps it wasn’t too surprising that the major U.S. indices took a breather Monday — even amid another upbeat report on the economic front.

The Institute for Supply Management’s manufacturing index reading for July came in at 56, higher than expectations of 53.1 and up from last month’s 52.2, but the news didn’t do much to move the needle.

Putting a damper on any rally chance was Dallas Federal Reserve president Richard Fisher, who said he believed the Fed should cut its bond-buying program as early as September.

The end result: The Nasdaq managed the only gain on the day, ticking up 0.09% to close at 3692.95. The S&P 500 l0st 0.15% to close at 1707.14, and the Dow Jones Industrial Average fell 0.3% to end at 15612.13.

London-based bank and financial services company Lloyd’s (LYG) moved ahead more than 3% after CEO Antonio Horta-Osorio said the company plans on resuming its dividend, with a dividend payout ratio target of 70% within the next three years. Sectormate HSBC (HSBC) fell more than 4% after missing analyst earnings estimates, as revenues fell 12% during the first half of the year.

Tyson Foods (TSN) soared 4%, setting new all-time highs after reporting a booming quarter, with earnings coming in at 69 cents, well over last year’s comparable 22 cents per share on increased sales of both chicken and beef.

Internet travel sites Expedia (EXPE) and Priceline (PCLN) moved ahead on the day after JPMorgan Chase upped its price target on the latter to more than $1,000 per share. PCLN finished around 2% higher and is a bit more than 7% away from four digits. EXPE moved ahead 3% on sympathy.

Facebook (FB) moved ahead nearly 3% to vault well ahead of its $38 IPO price amid the announcement it has hired its first-ever chief marketing officer, Gary Briggs, who will come over from Motorola Mobility.

JCPenney (JCP) also made a marketing hire, selecting Kraft’s (KRFT) Debra Berman to be its senior vice president of marketing. However, shares slid 3%.

Apple (AAPL) managed to punch through the malaise, improving 1% as a favorable trade overrule from the Obama administration will allow it to sell older-model iOS products.

Lastly, Amazon (AMZN) founder Jeff Bezos announced he has purchased The Washington Post and other newspapers from The Washington Post Co. (WPO) for $250 million in cash.

Earnings notables for Tuesday include Archer Daniels Midland (ADM) and Disney (DIS).

Three Up

  • Dendreon (DNDN): Up 13.7% (63 cents) to $5.23.
  • Active Network (ACTV): Up 9.4% (97 cents) to $11.30.
  • BlackBerry (BBRY): Up 7.3% (65 cents) to $9.57.

Three Down

  • E.W. Scripps (SSP): Down 10.9% ($1.82) to $14.87.
  • Yelp (YELP): Down 5.3% ($3.01) to $54.01.
  • Shutterfly (SFLY): Down 3.6% ($2.10) to $56.77.

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AAPL.


Article printed from InvestorPlace Media, http://investorplace.com/2013/08/mondays-ip-market-recap-aapl-ssnkf-fb-jcp-krft/.

©2014 InvestorPlace Media, LLC

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